logo-web
 
     
   
 

Business Loan

WHAT IS BUSINESS LOAN?

Volatile market trends and increasing business needs cause demand for urgent immediate cash-in-hand. A Business Loan designed for this purpose gives you the advantage to avail unsecured credit at competitive interest rates.

Business Loan empowers you to avail funds without collateral for infusion into your enterprise for purposes of the business

Whether you plan to invest in infrastructure investment or upgrade plant and machinery, a Business Loan caters to all your commercial needs.

BUSINESS LOAN ELIGIBILITY CRITERIA

Age

  • Minimum 18 Years
  • Maximum 65 Years a time of Loan Maturity

Nationality

  • Resident Citizen of India with no Criminal Record

Business

  • Minimum 3 Years Own Business Vintage
  • Minimum Annual Turnover and Profit at Lender's Discretion
  • Registered Chartered Accountant Audited Balance Sheet Compulsory
  • No Previous Default with any Financial Institution

Credit Score

  • Credit Score of 700 & More

Credit Score

BUSINESS LOANS FOR SELF-EMPLOYED, NON-SALARIED, MSMES, AND SMES

Self-Employed, Non-Salaried and SMEs seeking funds as Business Loan will have to furnish additional documents listed below to start the loans process.

Loan Documents required for Private Limited Company/LLP/Firm and Individual

  • 1) KYC
    • All Individual/Partners/Directors Photos.
    • All Individual/Partners/Directors Pan Card.
    • All Individual/Partners/Directors Aadhar Card.
    • All Individual/Partners/Directors Residence Proof (Latest Electricity Bill)
    • Office Proof (If Rented then Rent Agreement And Electricity Bill)
    • Udhyam Certificate

    2) Business Proof

    • Company/Firm Pan Card.
    • MOA & AOA/ Partnership Deed.
    • Incorporation of Certificate
    • GST Certificate 3 Pager & GST 3B.
    • Latest shareholding Pattern & List of Directors on Company/LLP Letter Head.

    3) Company/Firm/Individual Financials

    • Saral Acknowledge Form
    • Computation of Income
    • Trading & Profit & Loss A/C
    • Balance Sheet
    • Audit Report with 3CB & CD
    • All Schedules
    • Directors Report & Auditors Report
    • Debtors & Creditors List

    4) Banking

    • All Current Accounts Latest 12 Months
    • OD/CC Account Latest 12 Months & OD/CC Sanction Letter (If Any)
    • Sanction Letters with Loan Excel Sheet
    • All Banks Loans Sanction Letter (Business Loan/Car Loan/Housing Loan/ Loan against Property if any sanction letter available.)
    • Loan Obligation sheet with Bank wise limit and O/s as on date

    NOTE : All Documents Should Be In PDF Format.

    DIFFERENT TYPES OF BUSINESS LOANS FOR YOUR VARIED NEEDS

    • Plant and Machinery Loan
    • SME and MSME Loan
    • Business Loan for Women
    • Self Employed Professional Loan
    • Micro Business Loan

    Business Loan Interest Loan Types

    Fixed-Rate of Interest:

    When you opt for a Fixed Rate of Interest, the interest rate on your Business Loan remains constant throughout your loan period, and this allows you the freedom to plan your finances.

    Floating Rate of Interest:

    Floating Rate of Interest changes according to the RBI lending benchmark, namely Repo Rate. This means, that although your EMI remain constant, your loan tenure may extend due to rate adjustments.

    What are the Factors Affecting Business Loan Interest Rates and Eligibility?

    • Nature of Business
    • Business Vintage
    • Turnover
    • Profitability
    • Past Track Record
    • Present Obligation
    • Credit Score
     
         
    61209 Times Visited